Grainger Distribution Company sold Long Electronics 10 circuit breakers for $169.00 each. Long Electronics will be allowed 30 days to pay the bill. Grainger will carry the $1690.00 on its books as which of the following?

Question

Quizplus · Accepted Answer

Since Long Electronics has not yet paid for the circuit breakers, Grainger will consider the $1690.00 as an account receivable on its books. This means that Grainger is owed money from Long Electronics and will receive payment at a later date.

Grainger Distribution Company Sold Long Electronics 10 Circuit Breakers for $169.00